Ohio Code 5711.30 – Penalty assessment for declaring a nominal dividend or to evade taxes
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If any corporation, incorporated under the laws of this state or authorized to do business in this state, declares a nominal dividend or distribution for the purpose of enabling its shareholders residing in this state to return its shares as productive investments, the tax commissioner, upon finding such to be the fact, shall assess against such corporation a penalty equal to a tax of two mills on the dollar of the true value in money of its share of stock owned by shareholders residing in this state. Such penalty shall be collected and distributed in the same manner as taxes levied by section 5707.03 of the Revised Code.
Terms Used In Ohio Code 5711.30
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Return: means the taxpayer's annual report of taxable property. See Ohio Code 5711.01
- state: means the state of Ohio. See Ohio Code 1.59